Reports spur investors as leading stocks make ground

DUBLIN REPORT:THE IRISH market outperformed its peers yesterday as leading stocks made plenty of ground on a day when investors, spurred on by some positive reports, decided Ireland represents a good bet.

Food group Kerry was one of the first out of the stalls yesterday morning after reporting that last year it grew pre-tax profits by 35 per cent to €298 million.

The stock hit €20.65 early, dropped back a bit and then finished the day at that price. Investors bought about 1.5 million shares, volumes dealers described as strong for the food group.

In the same sector, investors strongly fancied IAWS, which closed at €13.039, a gain of 6 per cent and one of the best performances of the day.

Stockbrokers Davy produced a report predicting that the Republic's economy will outperform the euro zone in the medium term, a forecast that seems to have helped the banks.

Investors piled into the banks. Irish Life & Permanent, which is due to report 2007 results this morning, led the field in this particular sector. It added 90 cent to close at €11.25, a gain of 8.7 per cent, making it the market's clear winner on the day. Almost three million shares in the bank changed hands. AIB, Anglo Irish Bank and Bank of Ireland all made good gains.

Grafton gained 19.9 cent to close at €5.49. During the day it said US fund Fundamental Investors increased its stake in the company to 3.97 per cent.

C&C was one of the few losers yesterday, dipping 8.2 cent to €4.39. It said it had bought back 500,000 of its own shares and cancelled them.

CRH said that it has bought 55,000 of its own shares between €20.85 and €20.94 and holds them in treasury. The building materials company added 85 cent to close at €26.75.

Settlement date: February 29th